ARK THINKS MICROSTRATEGY $MSTR’S PREFERRED EQUITY WAS A MAJOR STRESSOR FOR BITCOIN bitcoin:native
The product came under heavy pressure as its price moved far below par:
- It initially offered investors around a 9% yield, later rising to roughly 11%
- The preferred equity fell from an ideal par value of 100 to as low as 70
- It later recovered toward 85, but ARK still views the stress as one of the key pressures on Bitcoin this year